The online cruise travel agent Iglu is on the verge of setting sail Down Under in a deal estimated to be worth about £100m.

Sky News understands that Iglu shareholder LDC - the private equity arm of Lloyds Banking Group - is close to a deal to selling the business, which it backed a decade ago.

Industry sources said on Tuesday that Flight Centre Travel Group (FCTG), the Australian Securities Exchange-listed company, was the frontrunner to buy the business.

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One said that a deal could be announced imminently.

Iglu, which was founded by Richard Downs, has - like many travel businesses - staged a strong recovery since the COVID-19 pandemic threatened to decimate the sector.

Last year, FCTG announced that it was reviving its Cruiseabout brand in an effort to strengthen its presence in the cruise holiday market.

A closely watched industry report predicted last year that global cruise passengers would soar from 31 million in 2023 to 39 million by 2027.

The Australian company already owns Scott Dunn, which it bought nearly three years ago for just over £120m.

Rothschild, the investment bank, has been handling the sale on behalf of Iglu's shareholders.

LDC did not respond to a request for comment.

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